Of all the reality TV shows that I have seen, nothing can come close to ‘Shark Tank‘ when it comes to sharpening one’s entrepreneurial and negotiation skills. It gives participating entrepreneurs an opportunity to present their business proposal before five accomplished investors (sharks) on stage and ask for an investment in return for a stake in their company or venture. Naturally, it is a tough spot to be in. Most people take away something from the show, either a check, valuable advice, or a great experience.
Here are ten things entrepreneurs should learn from the TV show ‘Shark Tank’.
10 Lessons From The TV Show Shark Tank
1 – A good product is great if it cannot be duplicated:
A product that is patented or cannot be easily duplicated easily wins the interest of the sharks. Good entrepreneurs usually have safeguards to prevent competition from coming up easily. This is essential to the long-term profitability of the business. Do everything you legally and ethically can to slow down, disadvantage or keep out the competition.
2 – Don’t reject valuable advice:
Every business negotiation is an opportunity to learn. Even if you lose the deal, don’t lose the lesson. Even when the sharks refuse your deal, they often give you their reasons, opinions and advice about the way forward for your business.
This is something that you can’t get for free, not from people as experienced as the ones at the Shark Tank. Don’t let these valuable tips get lost in the cloud of disappointment.
3 – Know your financial position inside out:
In her book, ‘Shark Tales: How I turned $1000 into a billion dollar business’, Barbara Corcoran stresses the importance of being prepared. Successful entrepreneurs are well prepared before any negotiation. The sharks usually make light of entrepreneurs who are unable to specify their exact sales or profit and instead choose to be vague, for example, a statement like, ‘My profit is between $100,000 and $ 200,000’ reflects poorly on how well you know your own business.
How can you possibly expect someone to take an informed decision from such a statement? So, know your figures well, whether you choose to disclose it or not is another issue altogether.
4 – Do your arithmetic before you enter the Shark Tank:
Make sure that the proposal you bring to the negotiation table makes sense and is something that the opposite party will consider seriously. The sharks are very good at valuing businesses and if you get this wrong, you are likely to walk out with nothing. There is no point in asking for $85,000 for a 10% stake in a company which has no sales yet or which has an unproven business model. This is like saying, ‘Heads I win, tails you lose’.
If it works out, the investor doesn’t gain much and if it turns out to be a dud, then the investor loses.
5 – Don’t underestimate the value of expertise:
In any deal, don’t just look at the money, give due value to the expertise or other benefits the deal brings you. For example, each shark has their own network and expertise which comes from them taking a stake in your company.
Think about what it will do to your sales and brand promotion. Take the example of the company M3 Girl Designs whose founder was offered $300,000 by Mark Cuban and Lori Greiner. She insisted on having Robert Herjavec also in the deal before she accepted it. She got a much better deal in the form of added expertise even though everything else remained the same.
6 – Know the people you are negotiating with:
Many people have lost deals because they tried to take the negotiation too far. Some homework on the successful deals with the sharks would have prevented this from happening.
When Mark Cuban says that he is making a final offer, it is a final offer. Try negotiating further and you lose the deal. This need not be true for everyone. So knowing the negotiation style of the people with whom you are dealing with is an advantage.
7 – Never shift your goal posts:
Mark Cuban offered one entrepreneur what he asked for, but the person tried to negotiate a better deal and eventually ended up losing it. Nobody prefers to do business with someone who keeps asking for more because the person could do that again in the future.
8 – Know the limits of what you can accept:
This is very important in any negotiation. If the experts in the Shark Tank get the idea that you are not sure of how low you can go, they will sense that there is more scope for negotiation. One entrepreneur decided to think things over before deciding to accept or refuse a deal and in the meantime the sharks lowered the offer further. The other problem is that you could end up accepting something which you would not have accepted if you knew your limits.
9 – Let them know that you have other options:
You will never come out from a negotiation with a good deal if that deal is your only option. Even the option to refuse any deal is better than having no option other than accepting whatever comes your way. This is true for any negotiation. Have other options and let the other side know about it.
10 – When you negotiate, highlight your strengths and hide your weaknesses:
The sharks are experts at finding out your weaknesses. Recheck your pitch to see if they highlight your strengths and hide your weaknesses. Any weak links in your pitch are likely to get exposed and this will put you at a disadvantage in the negotiation process. Instead, play on your strengths to gain the confidence of the opposite party.
(Video) Shark Tank – Selling An Idea To The Sharks
These are the ten most important lessons that you as an entrepreneur can learn from the ‘Shark Tank‘. The show is indeed a valuable experience for the participants and the viewers.
3 Areas You Should Focus on to Become a Great Leader
Having listened to all of our stakeholders and being fully aware of the situation, spring is a good time to conduct a quarterly review to see exactly where we are in order. This helps us have a clear starting point to re-adjust our goals for the coming year.
One of the main problems tends to be that we look back at the things we haven’t done and where we didn’t get the results we intended. Because of this, we get ourselves in a state of anxiety which is hardly a resourceful state for setting positive goals.
A better approach is to be nice to ourselves. Have a look back over the last three months and check all the things you have achieved. Give yourself a treat for all of the things you planned to achieve and did. They may be something as simple as maintaining a to-do list or smiling more.
Afterwards, think of all the things you achieved which weren’t planned and congratulate yourself on your flexibility and creativity; for the person with the greatest flexibility of behaviour controls the outcomes.
For those results that weren’t as you intended, remind yourself that we all make the correct choice at the time we make it. We don’t deliberately make the wrong choices and whatever the outcome, there’s always a positive intention. There’s no failure, only feedback, and we learn more from our failures than we do our successes.
“Be good to yourself. Listen to your body, to your heart. We’re very hard on ourselves, and we’re always feeling like we’re not doing enough. It’s a terribly hard job.” – Marcia Wallace
Look to yourself
It is vital, especially for sole proprietors or owner/managers, to manage themselves in order to be fit, healthy, and relatively happy. Evidence points to a clear relationship between our moods and assorted aspects of job performance such as decision-making, creativity, teamwork, negotiation and leadership.
While success may put us in a good mood, an organisation that sees the glass as half full rather than half empty, stands a better chance in these difficult times.
Depressed individuals will always see the glass as half-empty and even rapidly emptying. This attitude saps energy and leaves those affected feeling worthless, helpless, and hopeless. In its worst case, depression can impair the ability to communicate and it’s not hard to see the organisational parallels.
Below are three elements within all of us that need to be taken care of:
1. Your mind
The key to a healthy mind is variety, so take an interest in other people, things, events and current affairs. Adopting an open and curious mindset allows us to see future possibilities and hence be more empowered.
2. Your body
A healthy body requires a solid routine. Ensure you eat and drink healthy products (especially water) and get plenty of rest and exercise. Knowing our own limitations and taking action to stay within them ensures we operate at our best.
3. Your spirit
Much has been written about feeding or maintaining the spirit but I believe there is one simple rule. Believe in something that is true to you and spend time each day with your true beliefs. Solitude is the nurse of enthusiasm and is as needful to the imagination as friends are to our character.
“Never get so busy making a living that you forget to make a life.” – Dolly Parton
Beyond individual performance, there are broader issues at stake. None of us are islands, happy in our own little depressed world. Moods, good or bad, are infectious and some people or positions can have a greater ripple effect than others. If a shy apprentice has a gloomy outlook, few may notice. But if people like the owner/manager are wandering around looking like the end of the world is coming, that can directly affect team spirit.
Water bearer or well poisoner
So what can the organisation do? Firstly, as individuals, we must show a positive and upbeat demeanor. That’s not easy and faking it will easily be spotted as the deception will be transparent. This isn’t unauthentic, but merely an attempt to empower ourselves.
Congruent leadership offers the means to put into words what it is you are experiencing with the person in order so your behaviour is consistent with your own values and beliefs such that you always appear to be what you desire to be.
Your mood as a leader then is highly contagious. Even though leaders or opinion formers aren’t always in leadership positions, they’re at the centre of informal networks. They have charisma and magnetism, possess strong opinions, and express them forcefully. Therefore, they have considerable social power and can have a direct effect on morale by being a water bearer or well poisoner. Which are you today?
What resonated most with you about this article and leadership? Share your thoughts below!
The 6 Step Process for Delivering Critical Feedback in a Constructive Way
We have all been in the position where we knew we needed to have a difficult conversation at work that involved delivering constructive feedback. Maybe a major deadline was missed, there was a clear decline in performance, or someone blatantly dropped the ball. Most of us avoid delivering the feedback, and the conversation can get pushed back again and again, wasting valuable time and money.
Delivering constructive feedback is challenging, and uncomfortable for most people, even highly trained leaders. Yet, delivering and accepting feedback is one of the most important keys for success. So why do we avoid these conversations? Because we never learned how to have them.
Open, honest, direct communication is not a skill we are taught in school. There is no “How to Have Tough Conversations” 101. As a clinical psychologist that specializes in couples work, I see just how important communication is in maintaining thriving relationships. I understand that good communication is the foundation of every successful relationship; both intimate relationships and your work relationships.
Below is a 6-step guide to providing constructive feedback:
Step 1: Clarity on the Goal of the Conversation
The first step is to get clear on the goal of the feedback conversation. Are you planning to see a change in performance, simply communicate how you felt, or receive an apology? Get clear on what you are hoping to get out of the conversation. Be honest with yourself about what you need, what is most helpful to the relationship, and what is most helpful to the organization. Getting clear on the goal also ensures you are speaking with the right person.
“I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better.” – Elon Musk
Step 2: Invitation
Set up a time to talk. Feedback conversations are not meant to be had in the hallway. It is important that both parties can set aside adequate time and have the space needed for dialogue. Additionally, there must be respect for both parties’ need for time to process information. For example, if you are delivering feedback, and the receiver needs time to process the feedback before responding, setting up a subsequent meeting will be most helpful.
Step 3: Ownership
Own the role you played in creating the situation. When you model ownership of blind spots, failures, or missteps, you set the stage for the receiver to do the same. For example, you may acknowledge that you were not aware of how to support your employee and not aware of the problem until x situation occurred. Equally important as owning your role, is owning your emotions. Own your emotions using “I” statements. For example, “I felt disappointed when I realized your sales performance had substantially declined”.
Step 4: Open, Honest, Direct Feedback
Feedback that dances around the problem does not do anyone any good. It only increases anxiety on behalf of the receiver, and potentially causes the feedback to get totally lost. The conversation needs to be open, honest, and direct. For example: “I felt concerned when you did not attend the last two strategy calls this month…It brought up questions for me about your commitment to the company.”
Step 5: Listen, Validate and Accept
When providing feedback, it is important both parties maintain an open mind, and respond in a way that communicates validation and acceptance. As soon as an individual gets defensive, feedback cannot be taken in, and the value of the conversation dramatically decreases. When providing feedback it is important to listen, validate, and accept your receiver’s viewpoint. Notice, I did not say agree. This looks something like saying: “I can see why X led you to commit Y , I understand you were under a great deal of stress/dealing with a personal situation/frustrated.”
Step 6: A Clear Plan for Moving Forward
In providing feedback, the magic is that now things can change! If feedback is never given, relationships end, things will stay the same, businesses will die, and money will be lost. If you have gotten to this step, that means you did the hard work, and now you get to put change into action. A clear plan includes an acknowledgement from both parties regarding what they will do differently to prevent the situation from occurring again, and how they will stay accountable in making the change happen.
The good news about delivering feedback is that the more you do it, the easier it gets. Remember, giving and receiving feedback is one of the most surefire ways to open yourself up to massive growth.
As a giver of feedback, it is your job to model openness and a desire for growth, so that the receiver may take in the feedback and make the necessary changes. Exceling at feedback delivery will help you set you apart from others and enable you to achieve extraordinary relationships, in both your personal and work lives.
Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show
Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.
What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.
1. Perceived Expertise
When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.
They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.
2. Global Acknowledgement
One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.
The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.
“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar
3. Backed By Numbers
One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.
The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?
4. Effective Communication
While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.
“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins
These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.
Have you ever thought about having a radio show? If so, what would you talk about? Let us below!
5 Essential Skills to Drive Success in Every Niche
There are many people who don’t have the courage to launch a business in a niche as they think they don’t have the right skills and experience to obtain success. While there are specific skills which determine the success in every niche, there are also some general skills which ensure success in any business you would try.
Below are 5 essential skills you need to drive success in every aspect of your life:
When you launch a new business, you need to be prepared for difficult moments such as fighting the competition and winning your target audience. Moreover, if you follow some successful entrepreneurs, you should keep in mind that they also faced difficulties and continue to experience them. So, how does a successful entrepreneur get over all the difficulties?
The essential skill you need to possess is called ambition. Set small and clear milestones in your development plan and use your ambition to go over each difficulty and finalize what you had in your mind. It doesn’t matter how hard the path is going to be. Visualize your target and put in all the efforts to achieve it. Staying organized and scheduling each step to get things done are some of the techniques you can use to achieve success.
2. Listen to those around you
While listening to your instincts is necessary if you want to be a successful entrepreneur, this is not enough. As your business develops, you will have an entire team to manage and lead to success. Therefore, you cannot be a successful leader and have success in every niche unless you learn how to listen to the people around you.
You should listen to your employees and discover what they are expecting from you. This is the way to follow if you want to keep your team motivated and help them give the best of themselves.
On the other hand, you will need to listen to your customers to improve your products and services and provide excellent customer support. By listening carefully to the voice of your customers, you will be able to stand out of the competition and ensure their loyalty towards your brand.
“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.” – Jeff Bezos
When you decided to become an entrepreneur and build your own business, it means you are a courageous person. Courage will help you harness the power of creativity. Don’t be afraid to take risks if you feel a specific action will bring more success to your business.
Apart from doing intensive research on your ideas and developing the exact steps you are going to follow, you will need the courage to implement them. Not all the ideas will turn out to be successful.
Regardless, you will have something to learn from each success or mistake and this will help you move your business even further. When you have the courage to follow a path which is not very familiar to you, this is going to be the moment when you will widen your horizons and exceed your limits to achieve success.
4. Creativity and imagination
If you already implemented your idea and you see that it works, you most probably think that you don’t need to change anything to achieve more success. You need to keep in mind that customers’ preferences change and your competition is waiting for your mistakes to “steal” your clients.
Therefore, you need to use your creativity and imagination to improve your products and services to meet your customers’ expectations. What is more, creativity can also mean that you are open to talk to new people and use their experience to improve something in your business.
“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.” – Steve Jobs
5. Continuous learning
If you want to drive success in every niche you will need to show a willingness to learn. You need to stay updated with what happens in your niche and what your customers expect from you.
Education is not only something for school. It is a lifelong process, and you should be open to seek knowledge and improve your skills with every opportunity. An efficient trick is to stay close to people who are already successful in your industry, ask their opinions on various subjects and learn from their experience.
The above five essential skills will help you build a successful business in every niche. A true leader is ambitious, knows to listen to the people around him, and is always open to learning from others.
No matter the size of your business, you will need to be creative and use your imagination to improve your products and services. These skills will help any leader develop new skills, stand out of the crowd, and strengthen his position on the market.
What skill do you think is most important to be successful in life? Let us know below!
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